Cairo – Mubasher: Castle Development announced the allocation of EGP 100 million to finance 15% of the construction of the first phase of its first project in the New Administrative Capital, Castle Landmark, by the end of 2019.

Work is underway in the construction of the project which is situated over 43 acres, according to a statement on Wednesday.

“Castle Landmark’s master plan includes an underground parking space that covers the entire area of the project, the first of its kind in Egypt, which allows for a smoother flow,” the statement showed.

A total of 478 units in the first phase and 239 units in the second phase are currently being established.

The project is scheduled to be delivered over five phases starting from 2022.

Castle Landmark invests EGP 550 million in the first phase, located over nine acres, and another EGP 550 million in the second phase, which will cover 17.5 acres.

In mid-2019, the real estate developer revealed the third phase, Springfield, with 238 unfinished units, and a total value of investment of EGP 450 million.

“Construction at the Springfield phase will go underway towards the fourth quarter of 2020,” Ahmed Mansour, CEO of Castle Development, said.